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The following unadjusted trial balance is for Ace Construction Co. as of the end of its 2019 fiscal year. The June 30, 2018, credit balance of the owner's capital account was $56,300, and the owner invested $28,000 cash in the company during the 2019 fiscal year. ACE CONSTRUCTION CO. Unadjusted Trial Balance June 30, 2019 Debit $ 15,500 7,000 6,500 155,890 Credit No. 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 201 Accounts payable 203 Interest payable 208 Rent payable 210 Wages payaves payable Account Title $ 30,000 5,200 213 Property taxes payable 251 Long-tern notes payable 301 v. Ace, Capital 302 v. Ace, Withdrawals 401 Construction fees earned 612 Depreciation expense-Equipment 623 Wages expense 633 Interest expense 637 Insurance expense 640 Rent expense 652 Supplies expense 683 Property taxes expense 684 Repairs expense 690 Utilities expense 21,000 84,300 27,500 137,800 40,000 2,310 12,000 4,800 2,100 3,900 $277,500 Totals $277,500 Adjustments: a. The supplies available at the end of fiscal year 2019 had a cost of $2,520. b. The cost of expired insurance for the fiscal year is $4,095. c. Annual depreciation on equipment is $8,600. d. The June utilities expense of $600 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $600 amount owed needs to be recorded. e. The company's employees have earned $1,300 of accrued and unpaid wages at fiscal year-end. f. The rent expense incurred and not yet paid or recorded at fiscal year-end is $300. g. Additional property taxes of $600 have been assessed for this fiscal year but have not been paid or recorded in the accounts. h. The $210 accrued interest for June on the long-term notes payable has not yet been paid or recorded. Prepare the income statement for the year ended June 30, 2019 , statement of owner's equity for the year ended June 30, 201 classified balance sheet at June 30, 2019.

The following unadjusted trial balance is for Ace Construction Co. as of the end of its 2019 fiscal year. The June 30, 2018, credit balance of the owner's capital account was $56,300, and the owner invested $28,000 cash in the company during the 2019 fiscal year. ACE CONSTRUCTION CO. Unadjusted Trial Balance June 30, 2019 Debit $ 15,500 7,000 6,500 155,890 Credit No. 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 201 Accounts payable 203 Interest payable 208 Rent payable 210 Wages payaves payable Account Title $ 30,000 5,200 213 Property taxes payable 251 Long-tern notes payable 301 v. Ace, Capital 302 v. Ace, Withdrawals 401 Construction fees earned 612 Depreciation expense-Equipment 623 Wages expense 633 Interest expense 637 Insurance expense 640 Rent expense 652 Supplies expense 683 Property taxes expense 684 Repairs expense 690 Utilities expense 21,000 84,300 27,500 137,800 40,000 2,310 12,000 4,800 2,100 3,900 $277,500 Totals $277,500 Adjustments: a. The supplies available at the end of fiscal year 2019 had a cost of $2,520. b. The cost of expired insurance for the fiscal year is $4,095. c. Annual depreciation on equipment is $8,600. d. The June utilities expense of $600 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $600 amount owed needs to be recorded. e. The company's employees have earned $1,300 of accrued and unpaid wages at fiscal year-end. f. The rent expense incurred and not yet paid or recorded at fiscal year-end is $300. g. Additional property taxes of $600 have been assessed for this fiscal year but have not been paid or recorded in the accounts. h. The $210 accrued interest for June on the long-term notes payable has not yet been paid or recorded. Prepare the income statement for the year ended June 30, 2019 , statement of owner's equity for the year ended June 30, 201 classified balance sheet at June 30, 2019.

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....
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The following unadjusted trial balance is for Ace Construction Co. as of the end of its 2019 fiscal year. The June 30, 2018, credit balance of the owner's capital account was $56,300, and the owner invested $28,000 cash in the company during the 2019 fiscal year. ACE CONSTRUCTION CO. Unadjusted Trial Balance June 30, 2019 Credit No. 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 201 Accounts payable 203 Interest payable 208 Rent payable 210 Account Title Debit $ 15,500 7,000 6,500 155,890 $ 30,000 5,200 218 Wages payable 213 Property taxes payable 251 Long-term notes payable 301 V. Ace, Сapital 302 V. Ace, Withdrawals 401 Construction fees earned 21,000 84,300 27,500 137,000 612 Depreciation expense-Equipment 623 Wages 633 Interest expense 637 Insurance expense 640 Rent expense 652 Supplies expense 683 Property taxes expense 684 Repairs expense 690 Utilities expense 40,000 2,310 expense 12,000 4,800 2,100 3,900 $277,500 Totals $277,500 Adjustments: a. The supplies available at the end of fiscal year 2019 had a cost of $2,520. b. The cost of expired insurance for the fiscal year is $4,095. c. Annual depreciation on equipment is $8,600. d. The June utilities expense of $600 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $600 amount owed needs to be recorded. e. The company's employees have earned $1,300 of accrued and unpaid wages at fiscal year-end. f. The rent expense incurred and not yet paid or recorded at fiscal year-end is $300. g. Additional property taxes of $600 have been assessed for this fiscal year but have not been paid or recorded in the accounts. h. The $210 accrued interest for June on the long-term notes payable has not yet been paid or recorded. Prepare the income statement for the year ended June 30, 2019 statement of owner's equity for the year ended June 30, 2019 classified balance sheet at June 30, 2019.
Transcribed Image Text:The following unadjusted trial balance is for Ace Construction Co. as of the end of its 2019 fiscal year. The June 30, 2018, credit balance of the owner's capital account was $56,300, and the owner invested $28,000 cash in the company during the 2019 fiscal year. ACE CONSTRUCTION CO. Unadjusted Trial Balance June 30, 2019 Credit No. 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment 201 Accounts payable 203 Interest payable 208 Rent payable 210 Account Title Debit $ 15,500 7,000 6,500 155,890 $ 30,000 5,200 218 Wages payable 213 Property taxes payable 251 Long-term notes payable 301 V. Ace, Сapital 302 V. Ace, Withdrawals 401 Construction fees earned 21,000 84,300 27,500 137,000 612 Depreciation expense-Equipment 623 Wages 633 Interest expense 637 Insurance expense 640 Rent expense 652 Supplies expense 683 Property taxes expense 684 Repairs expense 690 Utilities expense 40,000 2,310 expense 12,000 4,800 2,100 3,900 $277,500 Totals $277,500 Adjustments: a. The supplies available at the end of fiscal year 2019 had a cost of $2,520. b. The cost of expired insurance for the fiscal year is $4,095. c. Annual depreciation on equipment is $8,600. d. The June utilities expense of $600 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $600 amount owed needs to be recorded. e. The company's employees have earned $1,300 of accrued and unpaid wages at fiscal year-end. f. The rent expense incurred and not yet paid or recorded at fiscal year-end is $300. g. Additional property taxes of $600 have been assessed for this fiscal year but have not been paid or recorded in the accounts. h. The $210 accrued interest for June on the long-term notes payable has not yet been paid or recorded. Prepare the income statement for the year ended June 30, 2019 statement of owner's equity for the year ended June 30, 2019 classified balance sheet at June 30, 2019.
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